ASX Morning call 20th August

Fridays plan was to take advantage of short term traders taking profit before the weekend and going to an early lunch and selling 11:30 was an easy 10 points. It looked like there may have been a chance to fade the closing gap after futures traders got the reset wrong and smacked it down 12 points but only had a 7 point reaction and stopped at entry.

Today will look for a spike to 6283 for 10 points Fridays closing gap should fill at some stage and will be target for longer term shorts. There are no sell signals yet and I imagine some more stops will be going off and some more upside possible.

I think if it gets below 6317 will fill that gap.